tackling debt once and for all! - MoneySavingExpert Forum

Dec 4, 2024 · Good afternoon all, I've spent the last three weeks lurking and very much enjoying reading other people's diaries, seeing their journeys - the ups and the downs - really resonates …

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Single Income Tackling £29k Debt, Starting 2025!

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Jan 17, 2025 · Thanks all - I have typically been using *any* surplus and throwing it on to my debt, but then, when a big bill hits (e.g. the £1k car bill due next month that I don't have savings for) …

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Single Income, AuDHD, £29k Debt, No Savings...turning The Ship As …

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Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line …

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Single Income, AuDHD, £29k Debt, No Savings...turning The Ship As …

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I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on …

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Martin Lewis' 'how To Slash All Debt Costs' January Masterclass

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Jan 21, 2021 · Can't afford to clear your debt? You can't afford not to try to move it to 0%, MoneySavingExpert.com founder Martin Lewis writes. You could save £1,000s on credit …

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Martin Lewis Helps Mum Clear £30,000 Debts

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Jan 22, 2021 · You need to act.” Using methods explained by MoneySavingExpert.com founder Martin, Lee-Anne managed to pay off all her debts by moving credit cards to 0% interest and …

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FAQs about tackling debt once and for all! - MoneySavingExpert Forum Coupon?

Is debt a problem right now?

Debt is a problem right now. It is often depressing, dangerous and debilitating. Tackling it may take a deep breath, but leaving it to fester is not an option - the interest will keep accruing and things will get worse. The priorities are to stop borrowing more (or you risk a debt spiral) and to try to reduce the interest you're paying. ...

Should I get help with my debt?

Getting help in this way means you can also access the 'breathing space' scheme – a two-month period during which all interest and charges on your debt will be frozen, and you won't face enforcement action from creditors. It's also a good idea to speak to a professional before you consider opting for a more formal debt solution, such as bankruptcy. ...

Should I visit a debt-counselling agency?

DON'T visit a debt-counselling agency. The solution they use isn't likely to be right for you. Debt-counselling involves negotiating with creditors and even bankruptcy, individual voluntary arrangements (IVAs) or debt relief orders (DROs). These are serious measures, designed for those with limited alternatives. ...

What if there is no way to pay off my debts?

If you think there is no way to pay off your outstanding debts, you may have to consider some form of personal insolvency such as a debt relief order, an Individual Voluntary Arrangement or bankruptcy. Information and support is free of charge - here are some organisations who may be able to help. ...

Should you save or get rid of debt?

The rule is based on the fact that the cost of debt is usually much higher than the benefit gained from savings. Therefore your pocket gains more by getting rid of the debt than starting to save. The exceptions are in the few occasions when debts are cheaper than savings, or cost so much to pay off that there's no point: The penalty exception. ...

Should you pay off debt before saving?

Those with loans or credit cards AND savings are seriously overspending but the solution could be simple. Many should just pay the debts off, before you save. With credit card you might even want to forget the old 'must have an emergency savings fund' logic as getting rid of debt may beat that too. More 'paying off debt' guides... ...